Customers purchase casualty insurance policies to insulate themselves from various risks posed to their property. For example, a homeowner may purchase a fire insurance policy or a driver may purchase an automobile insurance policy. Various “loss events” can result in damage to this property which can lead to customers filing insurance claims for the damage to collect any monies owed according to the casualty insurance policy. For example, loss events can result from hurricanes, earthquakes, severe storms, tornadoes, hailstorms, wildfires, and other causes.
However, claimant customers will occasionally file insurance claims that claim an inaccurate amount of damage. This may be due to an oversight or error on the part of the claimant customer or, in some cases, this may be due to a fraudulent filing. Some agencies or entities estimate the cost of fraudulent claims to cost billions of dollars annually. Additionally, fraudulent activities may even affect the lives of innocent people due to accidental or purposeful injury or damage. Moreover, the money lost through fraudulent claims is passed down to customers as a result of higher insurance premiums.
The existing techniques for investigating or determining fraudulent or erroneous claims are costly and time consuming. Accordingly, there is an opportunity for systems and methods to more effectively and efficiently determine when insurance claims are inaccurate as a result of errors or fraudulent activity.